November 17 - First War Budget

The first War Budget is introduced into the House of Commons by the Chancellor, Mr Lloyd George. During his speech, the Chancellor declares, "The general public had no idea as to the costliness of the undertaking. ... We have at least 2,000,000 men serving the country under arms at the present moment, and, if the next million is enlisted ... there will be 3,000,000 men under arms. It is forgotten too often that, in addition to a very considerable Army, we are maintaining a huge Navy as well."

Lloyd George estimates the cost to the Treasury of the first full year of the war will be £450,000,000. Since this sum could not be raised entirely by taxation, he proposes a general War Loan of £350,000,000 at a rate of 3.5%. The War Loan is approved and becomes oversubscribed by 27 November. You can read more about the success of the War Loan here.

In France, the 26th Brigade, RFA is heavily attacked by enemy infantry and all batteries are in action all day. In the evening, 116 and 117 are moved.